Perovskite, a star material with extraordinary opto‐electronic properties has shown promising results in both perovskite solar cells (PSCs) and perovskite light‐emitting diodes (PeLEDs). Taking advantage of the similar configuration of PSCs and PeLEDs, next generation devices with dual functionality of light‐harvesting and light‐emission can be realized. Such devices hold enormous application prospects. However, the necessary tradeoff resulted from the opposite working principles required for each mode of operation and challenges such as non‐radiative recombination loss resulted from bulk and surface defects in perovskite films and mismatched energy levels have hindered mass production. To provide a roadmap for rationally designing efficient light emitting perovskite solar cells (LEPSCs), a comprehensive review focusing on operating principle, device architecture, recent developments and limitations is required. We begin with a brief overview of the basic principles underlying the working mechanism of LEPSCs such as photon to electricity conversion and viceversa. The focus of this review then shift towards deligently combining and overviewing the important breakthroughs reported in this newly developed field such as morphology optimization, defect passivation, interface engineering, energy level alignment and dimensional control. Finally, this work concludes with discussing future challenges and providing a roadmap for rational design of efficient and stable LEPSCs.